- Ethereum should now consume 99.9% less energy
- The upgrade will also make the network more scalable and secure
The Ethereum Merge, a massive overhaul of the blockchain, is finally complete, transforming the Ethereum Mainnet into a far more energy-efficient system. Now, those who are interested in buying Ethereum in 2022, should stay updated on the next steps after this big Ethereum update
After proof-of-work was swapped for proof-of-stake, Ethereum should consume 99.9% or so less energy, equivalent to a country the size of Finland shutting its power grid off.
But, before getting into it, we recommend you take a look at the following step-by-step guides to understand better how everything works around Ethereum.
Also, it should be said that, according to Ethereum adoption statistics, there are 14 million ETH owners globally.
Like gas to electric
Justin Drake of the NPO Ethereum Foundation told CoinDesk:
The metaphor that I use is this idea of switching out an engine from a running car. I like to think of it as kind of like the switch from gasoline to electric.
More secure and scalable
According to Ethereum’s developers, the upgrade will also make the network more scalable and secure. It is home to a $60 billion ecosystem of lending firms, cryptocurrency exchanges, NFT marketplaces, and more.
A complicated technical effort
The transition to proof-of-stake was a complex technical effort. The success of the risky endeavor was doubted by many. Its complexity was exacerbated by the fact that it was probably among the biggest open-source software endeavors in history.
Multiple developers, researchers, and volunteers and tens of teams had to coordinate.
The popular Merge viewing party
The Merge officially happened at 2:43 AM EST today. Tens of thousands watched an “Ethereum Mainnet Merge Viewing Party” on YouTube, holding their breath as key metrics showed Ethereum’s basic systems had not fallen apart. The Merge took place in 15 minutes and was a success.
An end to mining
The Merge puts an end to Ethereum’s reliance on crypto mining, which is very energy-intensive. There are different ways to mine Ethereum and it will be more difficult now. The preparation and planning were watched closely by crypto fans, investors, and skeptics for the effect it is predicted to have on the wider blockchain industry.
If you would like to know more, you can take a look at the following guide on what is Ethereum mining.
Ether flat on the news
Billionaire investor Mark Cuban told CoinDesk he would be watching the event with as much interest as everyone else and suggested it could make ether deflationary. Right after the Merge took place, ether lost around 0.4%, trading at $1,632.
It is currently trading for $1,629, up 1.49% in the last 24 h according to CoinMarketCap data. Ether’s market cap is around $200 billion, making it the second-biggest cryptocurrency after bitcoin.
Tim Beiko, an Ethereum developer who was pivotal in coordinating the Merge, commented:
"I think the Merge can genuinely get those people who were interested in Ethereum, but skeptical of the environmental impacts, to come and experiment with it".
Is the Ethereum merge complete?
Yes, the Ethereum merge took place in 15 minutes and was a success
